| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Business Macroeconomics |
| Unit ID: | BUECO1508 |
| Credit Points: | 15.00 |
| Prerequisite(s): | (BUECO1507 or BUECO1509) |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 091901 |
| Other Change: | |
| Brief description of the Unit |
This course aims to provide students with a fundamental understanding of the macroeconomic business environment and introduce them to economy-wide problems, theories and policies for an open economy. The content includes an introduction to economics, macroeconomic models and method of analysis, macroeconomic policy options including the role of the government and the impact of the international economy. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: | |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | |  | | | | | Intermediate | | | | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Identify the framework of the macroeconomic environment and the relationships within the different sectors of the economy |
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| K2. | Describe the theory of income determination and appraise macroeconomic issues like the business cycle, inflation, unemployment, economic growth and external imbalance |
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| K3. | Recognise macroeconomic indicators and the scope of economic policy, including fiscal and monetary policy to improve the performance of the economy |
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| K4. | Examine the role of the global economy has upon domestic economic activity express through trade and capital flows along with exchange rates |
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| Skills: |
| S1. | Choose and compile economic data to identify macroeconomic trends and problems like inflation, unemployment and external imbalance |
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| S2. | Evaluate the impact of monetary and fiscal policy upon business and consumers |
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| S3. | Discuss how and under what circumstances intervention by policy-making authorities can improve macroeconomic performance |
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| S4. | Express results of macroeconomic analysis, application, and reflection using oral and written reporting to specialist and non-specialist audiences |
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| Application of knowledge and skills: |
| A1. | Visualise the economy as a whole and identify macroeconomic problems like the trade cycle, inflation and unemployment |
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| A2. | Analyse government policy with regard to macroeconomic issues in a range of situations and make informed contribution to public debate |
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| A3. | Use initiative and judgement in reading media articles on macroeconomic issues and assess how it would affect their interests and that of others |
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| Unit Content: |
•Economic Indicators, National accounts, Circular flow models
•The Business cycle and Macroeconomic problems
•The relationship between Economic performance and Business performance
•Theories of Income Determination:
•The role of Money and interest rates, Banks and the Reserve Bank of Australia in the economy
•Economic Policies: Fiscal policy and Monetary policy, and the impact of Economic policy on business and consumers
•Trade, the balance of payments and exchange rates, the impact of globalisation. |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K3, S1, S2, S3 A3 | Draw and interpret graphical diagrams, Written paragraph type explanations on conceptual matters | Mid-term test | 20-30% | | 2. | K1, K2, K3, S1, S2, S4 A3 | Individual application, self-reflection activities to develop and enhance knowledge of skills in Macroeconomics | Written assignment | 10-20% | | 3. | K1, K2, K3, K4 A1, A2,A3 | Draw and interpret graphical diagrams, Written paragraph type explanations to conceptual matters | Written exam | 60-70% |
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